35 Quotes by Kevin Norrish

US product markets remain extremely weak at present, with most of that weakness focused in gasoline markets.

U.S. oil inventories have risen rapidly, relative to normal patterns over the last four weeks. At the level of politics and geopolitical risks, the shadows have continued to gather and darken.

One question would be whether it would be necessary for an increase in production in order to make up for Nigeria. I have a feeling, they probably view that as a bonus.

People were expecting builds across the board. On that basis the market reaction that we have had is not surprising...It looks like product strength has the potential to return.

News that four foreign oil workers held hostage by Nigerian militants have been released (was) helping prices to ease back a bit.

If it weren't for the market's focus on short-term inventory data, the market would be a lot higher. We're retracing, even if the move upwards was not as big as it could have been.

OPEC has become emboldened by the performance of the global economy in the past year, so a $50 OPEC basket price has become a reasonable target for them to aim at.

Paradoxically, the price strength of the past couple of days makes a production cut ... less likely, ... If OPEC does cut production it will be reacting to perceived weakness in market fundamentals later on this year.

Markets have already priced in a fairly sizeable production cut.